Huawei is expecting to take a $30 billion hit as the result of the current actions being taken against them by the US government.

While the Chinese tech and telecom giant has been in the spotlight for some time, this is the first time the company has provided a figure for the financial impact they are bracing for.

The American actions taken against Huawei are taking a toll on the company, as the company itself reports. Ren Zhengei, Huawei’s founder and current CEO, stated that he expects these US actions to cost Huawei $30 billion in revenue over the course of the next two years. Ren expects that Huawei will produce about $100 billion in revenue in 2019, a decline from 2018’s approximate $107 billion in revenue. The Trump administration has clamped down hard on Huawei, which has already led to slower-than-expected growth. Ren had previously set a target for 2019 that would see Huawei make $125 billion in revenue.

Huawei is a privately held company that is selective about releasing its financial information. The company publishes its finances in an annual audited report, but there is now no doubt that US actions are taking a serious toll on the company already. Huawei is the world’s largest producer of networking equipment, and the world’s second leading producer of smart phones. The company was placed on the US Department of Commerce’s ‘entity listing,’ which bars American suppliers from selling them American technology. Huawei had a procurement budget of $70 billion in 2018, of which $11 billion was spent on US technology. Ren’s recent comments on the issue represent the first look into how Huawei’s placement on the entity list will affect their finances going forward.